there's nothing james has said that i don't completely endorse whether nrsro or not nrsro. he has got it right. we have to look at the pages in response to dodd-frank no less on my birthday, may 18th. they made an effort to comply. they have tried to be in sync with the legislation from dodd-frank. when you're making rules for massive numbers of people working in every discipline and opining on which country should be downgraded or not that is a different species. the mice can run and compete with the elephants if we have the burden and the expense laid on because of this. i have some sympathy but not much given the amount they make. these are among the most profitable companies in america. time to reinvest in what they do. our business is totally focused on where the problem was. we are totally focused on the structured finance ari and we are building it silo by silo and making headway. latin up on the burdens from the regulatory point of view and let it get on the field and compete face-to-face on the accuracy and quality of ratings and let's not hide behind the first ame

[inaudible] >> as a nrsro which is one of the reasons we became a nrsro, we do have access to most of the information. so for example, we have just in the last 30 days rated three, and in two weeks it will be five commercial mortgage-backed deals. we are privy to the same information that the over lockerbie gets come if there on those deals. >> mr. gellert, were you disappointed are pleased with the provisions of dodd-frank related to created rating agencies? >> i think by and large i was disappointed with them. i think the idea behind dodd-frank and my understanding was to create transparent to emigrate accountability, increase competition. in fact, i think what happened was a lot punitive directive initiatives towards the big three with unintended consequences that hurt the variety of us who would consider being nrsros or the strength of our nrsros, ultimately innovation and competition in the space of what's going to evolve. and i don't think dodd-frank as a whole helps contribute to that mission. >> as a non-nrsro flare, and an entrenched feel, what is the biggest challenge your f

-- the ability for data that is being used by a paid for raking to be shared and access by another nrsro for an unsolicited rating. what kroll would not have it is access to underlying data that goes into a collateralized loan obligation security. clo's are closed and they are not covered in the assets that secure -- asset backed securities. there is a world of information that none of us have access to that would open up the space to competition as well as providing the investor community with information they could use that information was available to them. >> mr. kroll, would your answer be the same or different? ro, we do have access to most of the information. for example, we have just rated three. in the two weeks it will be five commercial mortgage-backed deals. we are privy to the same information that the oligopoly gets if they are in on those deals. >> were you disappointed or pleased with the provisions of dodd-frank related to credit rating agencies? >> i was disappointed with them. the idea behind dodd-frank was to create transparency, and accountability, increase competiti